Starbucks Corporation (NASDAQ:SBUX) Shares Sold by Spire Wealth Management

Spire Wealth Management trimmed its holdings in Starbucks Corporation (NASDAQ:SBUX) by 2.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,256 shares of the coffee company’s stock after selling 835 shares during the period. Spire Wealth Management’s holdings in Starbucks were worth $3,458,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of SBUX. Brighton Jones LLC raised its position in shares of Starbucks by 86.5% in the fourth quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company’s stock valued at $16,126,000 after buying an additional 81,952 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Starbucks during the fourth quarter worth about $389,000. Pine Valley Investments Ltd Liability Co increased its position in Starbucks by 1.2% during the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 10,678 shares of the coffee company’s stock worth $974,000 after purchasing an additional 123 shares during the last quarter. FourThought Financial Partners LLC acquired a new stake in Starbucks during the fourth quarter worth about $448,000. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in Starbucks during the fourth quarter worth about $754,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Stock Performance

NASDAQ SBUX opened at $91.10 on Thursday. The firm has a 50 day simple moving average of $86.38 and a 200-day simple moving average of $94.44. Starbucks Corporation has a one year low of $71.55 and a one year high of $117.46. The firm has a market cap of $103.53 billion, a price-to-earnings ratio of 33.01, a PEG ratio of 4.66 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.10). Starbucks had a net margin of 8.61% and a negative return on equity of 42.14%. The business had revenue of $8.76 billion during the quarter, compared to analysts’ expectations of $8.90 billion. During the same period in the previous year, the business posted $0.68 EPS. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. Equities analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SBUX has been the subject of several recent analyst reports. The Goldman Sachs Group restated a “neutral” rating and set a $95.00 price objective (up from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. Argus upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price objective for the company in a research report on Tuesday, March 18th. Stifel Nicolaus cut their price objective on shares of Starbucks from $103.00 to $92.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Jefferies Financial Group upgraded shares of Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price objective for the company in a research report on Wednesday, April 9th. Finally, Barclays cut their price objective on shares of Starbucks from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $98.36.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.